The post Ethereum: Why this weekend could set the stage for a $3K breakthrough appeared on BitcoinEthereumNews.com.

Ethereum has all the right reasons to push for a $3K gamble this weekend But first, a few speed bumps need to be addressed Amid post-election liquidity, altcoins are pushing to new highs. Ethereum [ETH] has surged over 15%, breaking past $2.9K for the first time in 90 days. Meanwhile, Bitcoin’s historic drop in reserves is fueling FOMO, setting the stage for alts to follow suit. However, ETH faces headwinds: a dormant whale holding $1.14 billion in ETH has reactivated, sparking fears of a sell-off. Despite strong inflows, ETH still trails Solana, which is closing in on $200. With Bitcoin targeting $78K, ETH’s path to reclaiming dominance might be a tough climb. The upcoming weekend will be crucial for Ethereum  Bitcoin dominance slipped from nearly 61% after hitting its ATH to around 58% at press time. Meanwhile, Ethereum’s market share has climbed during the same period, now approaching 14%, signaling a capital shift into altcoins. As expected, the mid-November cycle is crucial for the altcoin market. With the election buzz settling and the market entering a phase of extreme euphoria, altcoins are poised for a potential surge. However, this scenario may only play out if Bitcoin holds its ground in the $74K – $78K range. A BTC consolidation would create the ideal conditions for investors to focus on high-cap alts, aligning with the current market mood. The FOMC rate cut further supports short-term holders to hold onto their BTC. While some dumping may occur over the weekend, a major downward spiral is unlikely. Ethereum bulls are poised to take advantage of this situation. As weaker hands shake out, fear might drive investors into Ethereum, potentially setting the stage for a push toward $3K. Still, plenty of hurdles ahead After a shaky start to November, Ethereum’s resurgence is noteworthy. In October,…

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Filed under: News - @ November 8, 2024 1:24 pm